AI am buying agricultural land along my friend from a builder, this is a investor proposal. As per invstor proposal we wil get some flats at X rate and builder wil buy back these flat at Y rate. We shall be investing the money for this and we are asking land to be in our name as security. So if the project doesn't turn up we can sell the land and recover our money. The market value of land is say 25lakh and govt value is say 2 lakh, We shall pay him 25 lakh, 2 lakh towards purchase of land and balance as buying the flats in advance. We will register an MOU with the builder for this transaction. So this accounts for all the money that we shall be giving to builder. The objective of getting land is only security and nothing else.
Now question.
SInce, my freind is not a farmer I cannot show him on paper. I can give him promissory note saying that whatever money I get from slling land shall be divided into half. In the event when I have to sell this land, how can I return the money. The land may get sold at price more than 1 cr. But on paper I have takne oly 1L for buying of land while balance is shown in MOU.
Or is there any other way we can ge security?
Thanks
Arvind
